A crypto strategist is outlining what’s in store for a handful of altcoins, including Ethereum (ETH) rival Avalanche (AVAX) and memecoin Pepe (PEPE).
Analyst Michaël van de Poppe tells his 657,200 Twitter followers that he’s looking at a quick AVAX bounce either at $14 or $12.
However, Van de Poppe says that the bounce will likely be short-lived as he believes AVAX is still in a downtrend.
“In a point of interest, which is comparable with other altcoins.
However, trend remains to be downwards, if low timeframe gives confirmation, I’d be pulling a long here.
Reclaim $16.50 is necessary. Otherwise, I’d be looking at $12 for longs.”
At time of writing, AVAX is trading for $15.14.
Next up is the memecoin Pepe, which Van de Poppe says must hold a key support level to have a shot at regaining bullish momentum.
“This one is making a bear market relief rally, I would say.
Needs to hold above $0.00000173, then we could see continuation towards $0.0000024.
If $0.00000173 is lost, then I’m looking at playing a short and trying to catch a long at $0.00000085.”
At time of writing Pepe is worth $0.00000181.
Another altcoin on the trader’s list is the blockchain-indexing protocol The Graph (GRT). According to Van de Poppe, GRT will likely see more sell pressure as long as it is below $0.13.
“Lost a crucial support at $0.13, which needs to be reclaimed before I’m interested.
Otherwise, I’d be looking at the area at $0.097 for a potential long play.”
At time of writing, GRT is trading for $0.124.
The last altcoin on the trader’s radar is the interoperable blockchain Quant (QNT). Van de Poppe says QNT is hovering close to a support level, but notes that he’s waiting for signs of strength before accumulating the altcoin.
“Interesting price action, as we’re hitting high timeframe support here.
Am I interested? Not yet. I’d prefer to have a flip of $112 before activating a long and that one can run fast and quick to $175.
Otherwise, looking at $76.”
At time of writing, QNT is trading for $105.
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